Setup (connect) each channel (Load and Displacement) to an analogue input and then using the DAQ wizard set up an appropriate aquisition rate. This depends on the deflection rate or rotational speed. Calibrate your system for displacement and load to ensure that you can cope with the anticipated range. I assume that your intention is to produce a torque deflection curve. As such simply plot one function on the X axis and the other on the Y axis and you will obtain a curve representing the function. you can use the XY graph for this function. I think the convention calls for displacement on the X axis and Load on the Y axis. Add a button to enable you to start and stop aquisition and a button to write the data to disk. The whole thing should take less than an hour to set up and program.
You will probably need some conditioning for both transducers if you don't have something similar to the SC2345 and some conditioning units. Thus I guess you will need a stabilised power supply for the potentiometer and a conditioning amplifier for the load cell.
If your using Labview 8 there is no reason no to simulate all this with a phase shifted sine wave.
The following link may prove usefull for the load cell
herehttp://zone.ni.com/devzone/conceptd.nsf/webmain/F9DB4E5835A63D2086256D740064E8F0?opendocument
Also this on a ready to run strain measurement demo
herehttp://sine.ni.com/apps/we/niepd_web_display.display_epd4?p_guid=E1780BB36CA30EFEE034080020E74861&p_node=201210&p_source=External